ITR-1 and ITR-4 additional disclosure requirements for AY 2025-26
The Income Tax Department dropped some major changes for ITR-1 and ITR-4 additional disclosure requirements for AY 2025-26. And honestly? It caught many of us off guard.
GST Audit Under Section 66: A Comprehensive Analysis
The Goods and Services Tax regime has revolutionized India’s indirect tax landscape, bringing with it robust audit mechanisms designed to ensure compliance and prevent revenue leakage. Among these mechanisms, GST audit under Section 66 stands as a
New Tax Regime: Exemptions & Deductions Not Allowable
The new tax regime has turned traditional tax planning on its head. What seemed like a simple choice between lower rates and familiar deductions has become a complex puzzle that millions of taxpayers grapple with every year.
E-Invoice Under GST: Complete Compliance Guide
The digitization of India’s tax system reached a significant milestone with the introduction of electronic invoicing, commonly known as E-Invoice. This revolutionary system has fundamentally transformed how businesses handle their invoicing processes under the Goods and
E-Way Bill System under GST: Complete Guide
The introduction of the Goods and Services Tax (GST) in July 2017 marked a significant transformation in India’s indirect tax structure. Among the various compliance mechanisms introduced under this regime, the electronic Way Bill (e-Way Bill) stands as a
Presumptive Taxation Scheme: Guide to Sections 44AD, 44ADA & 44AE
For many small business owners and professionals in India, maintaining detailed books of accounts and undergoing tax audits can be burdensome, time-consuming, and often requires professional assistance that comes at a significant cost. Recognizing these challenges,
Condonation of Delay under Income Tax – A Complete Guide
Even sometime many income taxpayers can sometimes miss statutory deadlines due to unforeseen or genuine reasons. But does this mean the taxpayer permanently loses the right to claim a refund or avail tax benefits? Fortunately, Section 119(2)(b) of the Income Tax Act, 1961 provides a legal
GST Demand and Recovery: Understanding Section 73 and 74 of CGST Act
Receiving a GST notice is more than just an administrative inconvenience—it’s often the first signal that your compliance processes are under scrutiny. Among the most consequential provisions in the GST regime are Section 73 and 74 of the CGST Act, 2017. These two sections
Major Changes under Sections 74A, 73 & 74 – GST 2024 Update
The GST law in India is continuously evolving. With every change, compliance expectations shift, and businesses must adapt. The 53rd GST Council Meeting held on 22nd June 2024 has introduced significant amendments, particularly the insertion of a new Section 74A along with refinements in Sections 73 and 74 of the
Input Tax Credit (ITC) Claim under Wrong Head – Remedies and Reliefs Available
Since the inception of GST in July 2017, businesses have faced challenges, including the inadvertent claiming of Input Tax Credit (ITC) under the wrong tax heads. If you’ve mistakenly claimed IGST instead of CGST-SGST/UTGST (or vice versa), no need